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New User - Need advice on categorizing expenses

Les_AnnLes_Ann Member Posts: 2

I want to record business training programs attended, as well as fees for participation in vendor markets e.g. cost for rental of a table/tent to set up my booth. I'm unsure how to categorize these...should I just select "Uncategorized Expense"? How else can I capture these expenses?

edited March 30, 2021 in Accounting Technical Support

Comments

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @Les_Ann

    First off, welcome to Wave :blush:

    And welcome to our community as well.

    These sound like typical operating expenses to me, but the best thing to do is make your own custom accounts!

    Head to Accounting > Chart of Accounts > Create an expense account for your operating expenses. It depends how specific you get when you want to create your own custom chart of accounts, that is of course up to you!

  • Les_AnnLes_Ann Member Posts: 2
    Thank you so much @BarsinA

    For a while there I thought no one was going to answer me :# so I was happy when I got your response!

    I added 2 new accounts to my operating expenses... one for Training and one for Vendor Markets!

    The link for custom chart of accounts was extremely helpful with all the definitions, but I especially liked the example about fine tuning your sales into specific accounts, so you could compare the performance of your products!!

    For a while now I've been intimidated about doing my business accounting but Wave makes it so much easier to comprehend!!

    Thanks once again!!!
  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey @Les_Ann

    We are so glad to hear that Wave's simple and easy to use interface is helping you! This is exactly the kind of feedback we strive for. Thank you and don't hesitate to reach out to to the community or submit a support ticket if you have any future issues with your account! You can always type in some keywords in our HELP CENTER as well.

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